|||Page||
|---|---|---|---|
|Reference and Administrative<br>Details||||
|Trustees' Report|2|to|5|
|Statement ofTrustees'<br>Responsibilities||||
|Report ofthe Independent<br>Auditors|7|to|9|
|Statement ofFinancial Activities||10||
|Balance Sheet||||
|Cash Flow Statement||12||
|Notes to the Cash Flow Statement||||
|Notes to the Financial Statements|14|to|20|
|Detailed Statement ofFinancial Activities|21|to|22|





|TRUSTEES|A ELaw|||
|---|---|---|---|
||Mrs Z Law|||
||R Sadewsky|||
|PRINCIPAL ADDRESS|Caxton Europe Asset||Management|
||40 Berkley Square|||
||London|||
||W1JSAL|||
|REGISTERED CHARITY|1141997|||
|NUMBER||||
|INDEPENDENT AUDITORS|Martin and Company||Audit Limited|
||Chartered<br>Accountants|||
||and Statutory|Auditors||
||25 StThomas|Street||
||Winchester|||
||Hampshire|||
||SO23 9HJ|||
|SOLICITORS|Porsters LLP|||
||31 Hill Street|||
||London|||
||W1J SLS|||
|BANKERS|Coutts<br>tk Co|||
||440 Strand|||
||London|||
||WC2R OQS|||





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|||||||Period|
|---|---|---|---|---|---|---|
|||||||5.4.21|
||||||Year Ended|to|
||||||31.3.23|31.3.22|
||||||Unrestricted|Total|
||||||fund|funds|
|||||Notes|||
|INCOME|AND ENDOWMENTS FROM||||||
|Donations|and legacies|||3|35,750,000||
|Investment|income||||323,006|329,479|
|Total|||||36,11730116|329,479|
|EXPENDITURE ON|||||||
|Raising funds|||||20,545|26,865|
|Charitable|activities||||||
|Charitable|giving||||311467766|11137236|
|Total|||||304110311|11184101|
|Net gains on investments|||||557,155|5,953,971|
|NET INCOME/(EXPENDITURE)|||||6,141,850|(4,900,651)|
|RECONCILIATION|||OF FUNDS||||
|Total funds|brought|forward|||68,761&006|73,661,657|
|TOTAL FUNDS CARRIED FORWARD|||||74,902,856|68,761,006|





## 

|||2023|2022|
|---|---|---|---|
|||Unrestricted|Total|
||Notes|fundf|funds|
|FIXEDASSETS||||
|Tangible assets|11|168|224|
|investments|12|76 829,462|58,878,868|
|||76,829,630|58,879,092|
|CURRENT ASSETS||||
|Cash at bank||8,712,104|14,756,839|
|CREDITORS||||
|Amounts<br>falling due within one year|13|(4,848,858)|(2,562,925)|
|NET CURRENT ASSETS||3 1163246|I2,193,914|
|TOTAL ASSETSLESSCURRENT||||
|LIABILITIES||807692,876|71,073,006|
|CREDITORS||||
|Amounts<br>falling due after more than one year|14|(5,790,020)|(2,312,000)|
|NET ASSETS||74,902,856|68,761,006|
|FUNDS|15|||
|Unrestricted<br>funds||74,902,856|68,761,006|
|TOTALIUNDS||74 9112866|68,761,006|





## 

## 

|||||||Period|
|---|---|---|---|---|---|---|
|||||||5.4.21|
||||||Year Ended|to|
||||||31.3.23|31.3.22|
|||||Notes|||
|Cash flows from operating|activities||||||
|Cash generated<br>from operations|||||12,046,243|12,084,574|
|Net cash provided<br>by operating||activities|||11,046,243|12,084,574|
|Cash llows from investing|activities||||||
|Pwcbase offixed asset investments|||||(21,302,894)|(8,739,889)|
|Sale offixed asset investments|||||3,843&555|8,894,343|
|Interest received|||||46,086|17,841|
|Dividends<br>received|||||276,920|311,638|
|Third party investment<br>management|||charge||(20)545)|(26,865)|
|Decrease cash held pending|settlement||||65,900|45,897|
|Net cash (used in)/provided|by|investing||activities|~17II90978||502,965|
|Change in cash and cash|equivalents|||in|||
|the reporting<br>period|||||(6,044,735)|12,587,539|
|Cash and cash equivalents|at|the|||||
|beginning<br>ofthe reporting|period||||14,756,839|2,169,300|
|Cash and cash equivalents|at|the end||of|||
|the reporting<br>period|||||8,712,104|14,756,839|





## 

## 

||OPERATING AC|TI|VI|TIES|||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||Period|
|||||||||||5.4.21|
||||||||||Year Ended|to|
||||||||||31.3.23|31,3.22|
||Net income/(expenditure)|||for the||reporting|period (as per the||||
||Statement ofFinancial|||Activities)|||||6,141,850|(4,900,651)|
||Adjustments<br>for:||||||||||
||Depreciation<br>charges||||||||56|74|
||Gain on investments||||||||(557 155)|(5,953,971)|
||interest received||||||||(46,086)|(17,841)|
||Dividends<br>received||||||||(276,920)|(311,638)|
||Third party investment||management|||charge|||20,545|26,865|
||Decrease in stocks|||||||||17,238,944|
||Decrease in debtors<br>Increase/(decrease)|in creditors|||||||5&763,953|6,250,000<br>~247,298|
||Net cash provided|by|operations||||||11,046,243|12,084,574|
|2.|ANALYSIS OF CHANGES||||IN NET FUNDS||||||
|||||||||At 1.4.22|Cash flow|At 31.3.23|
||||||||||K||
||Net cash||||||||||
||Cash at bank|||||||14756839|~6844 735)|I)7121)14|
|||||||||14,756,839|~6544735|8,712,1)14|
||Total|||||||14,756,839|~6544735)|8,712,1)14|





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## 

## 

||Stocks and|shares quoted|shares quoted|shares quoted|on the|London|London|Stock Exchange are included|Stock Exchange are included|Stock Exchange are included|in the|balance sheet at their|market<br>value|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||at the year|end,|The differences|||between||the market|value and the|original||cost ofthe investment|are included|
||in the Statement||ofFinancial Activities.|||||No unquoted|investments|are|held.|||
||DONATIONS||AND LEGACIES|||||||||||
||||||||||||||Period|
||||||||||||||5.4.21|
|||||||||||||Year Ended|to|
|||||||||||||31.3.23|31.3.22|
||Donations|||||||||||28,600,000||
||Gift aid|||||||||||7,150,000||
|||||||||||||35,750,000||
|4.|INVESTMENT INCOME|||||||||||||
||||||||||||||Period|
||||||||||||||5.4.21|
|||||||||||||Year Ended|to|
|||||||||||||31.3.23|31.3.22|
||Portfolio income|||||||||||276,920|311,638|
||Deposit account||interest|||||||||46,086|17,841|
|||||||||||||323,006|329,479|
|5.|RAISING|FUNDS||||||||||||
||Investment|management|||costs|||||||||
||||||||||||||Period|
||||||||||||||5.4.21|
|||||||||||||Year Ended|to|
|||||||||||||31.3.23|31.3.22|
||||||||||||||E|
||Third party|investment||management|||charges|||||20,545|26,865|





## 

|6.|CHARITABLE AC|TIV|ITIES|C|OS|TS||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||Grant|||
|||||||||funding of||||
||||||||||activities|Support||
||||||||Direct||(see note|costs (see||
||||||||Costs<br>f||7)<br>f|note 8)|Totals|
||Charitable<br>giving||||||3,000|3II|393,550|72,416|30,467,766|
|7.|GRANTS PAYABLE|||||||||||
||||||||||||Period|
||||||||||||5.4.21|
|||||||||||Year Ended|to|
|||||||||||31.3.23|31.3.22|
|||||||||||f|f|
||Charitable<br>giving|||||||||30,392)550|11,088,733|
||The total grants payable||to institutions|||in the|period were as|follows:||||
|||||||||||31.3.23|31.3.22|
||Speakers for Schools|||||||||8)700,000|5,315,000|
||The Lowry Centre Trust|||||||||8,106,674||
||Law Family Educational||Trust|||||||3,000,000|1,500,000|
||The Science Museum|||||||||3,000,000||
||The Earthshot<br>Prize|||||||||3,000,000||
||The Factory Trust|||||||||2,888,617||
||Maggie's|||||||||1,000)000|3,997|
||Pro Bono Economics|||||||||319,300|792,650|
||Game k Wildlife Conservation|||Trust||||||120,000|210,000|
||The Sutton Trust|||||||||90,000|30,000|
||Manchester<br>FC City|in the Community||||||||50,000|25,000|
||Finito Education Limited|||||||||33,000||
||British Fashion Council|||||||||30,000||
||Photographers<br>Gallery|||||||||15,000|15,000|
||Art History Link-Up|||||||||15,000||
||The Atlantic Partnership|||||||||7,500|7,500|
||Savage Foundation|||||||||6,527|5,000|
||Samaritans|||||||||1,100||
||Francis Holland|||||||||1,000||
||Other donations<br>under f1,000|||||||||3,832|3,585|
||Place2be||||||||||2,720,000|
||The Clocktower<br>Foundation||||||||||106,000|
||Rise Up Clean Up||||||||||90,000|
||The New Tavistock Youth Cafe||||||||||60,000|
||Lord Mayors Appeal||||||||||50,000|
||Long Covid Kids and Friends||||||||||50,000|
||Blavatnik<br>School of|Government,|||University||ofOxford||||50,000|
||Devon Environment|Foundation|||||||||25,000|
||Institute ofInternational||Monetary||Research||||||25,000|
||Grassington<br>festival||||||||||5,000|
||Total grants to organisations|||||||||30,387,550|11,088,732|





## 

|Grants payable to individuals|in the period:|in the period:|||
|---|---|---|---|---|
|A Williams MBE - for the publication||ofRacism in Football|5,000||
||||3II 392 550|II,088,732|



## 

||||||Governance||
|---|---|---|---|---|---|---|
|||||Management|costs|Totals|
|Charitable|giving|||~37168|~35248|72,416|
|Support costs, included|||in the above, are as follows;||||
|Management|||||||
|||||||Period|
|||||||5.4.21|
||||||Year Ended|to|
||||||31.3.23|31.3.22|
||||||Charitable|Total|
||||||giving|activities|
|Rent|||||25,331|21,870|
|Rates|||||2,483|2,363|
|Office costs|||||8,255|6,096|
|Advertising|||||1,043||
|Depreciation|||||56|74|
||||||37,168|30,403|
|Governance||costs|||||
|||||||Period|
|||||||5.4.21|
||||||Year Ended|to|
||||||31.3.23|31.3.22|
||||||Charitable|Total|
||||||giving<br>f|activities|
|Auditors'|remuneration||||7,960|5,100|
|Accountancy|||||2,288|1,740|
|Consultancy|||||25,000|31,260|
||||||~35 248|383100|





## 

## 

## 

## 

|11,|TANGIBLE FIXEDASSETS||||
|---|---|---|---|---|
|||Office|Computer||
|||equipment|equ tpment|Totals|
||COST||||
||At 1st April 2022 and 31st March 2023|~1676|~1300|~2976|
||DEPRECIATION||||
||At 1st April 2022|1&452|1,300|2,752|
||Charge for year|56||56|
||At 31st March 2023|1,508|1,300|2,808|
||NET BOOK VALUE||||
||At 31stMarch 2023|168||168|
||At 31st March 2022|224||224|
|12.|FIXEDASSET INVESTMENTS||||
||||Cash and||
|||Listed|settlements||
|||investments|pending|Totals|
||||E||
||MARKET VALUE||||
||At 1st April 2022|58,748,986|129,882|58&878,868|
||Additions|21&302&894||21,302,894|
||Disposals|(3&999,914)|(65,900)|(4,065,814)|
||Revaluations|713,514||713,514|
||At 31stMarch 2023|76,765,480|63,982|'76,829,462|
||NET BOOK VALUE||||
||At 31st March 2023|76&765,480|63,982|76,829,462|
||At 31stMarch 2022|58,748,986|129,882|58,878,868|





|13.|CREDITORS: AMOUNTS|CREDITORS: AMOUNTS|CREDITORS: AMOUNTS|FALLING DUE WITHIN ONE|FALLING DUE WITHIN ONE|YEAR|||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||Grants payable||||||4,840,328|2,555,000|
||Accrued expenses||||||8,530|7,925|
||||||||4,848,858|2,562,925|
|14.|CREDITORS: AMOUNTS|||FALLING DUE AFTER MORE||THAN ONE|YEAR||
||||||||2023|2022|
||||||||5||
||Grants payable||||||5,790,020|2,312,000|
|15.|MOVEMKNT||IN FUNDS||||||
||||||||Net||
||||||||movement|At|
|||||||At 1.4.22|in funds|31.3,23|
||Unrestricted|funds|||||||
||General<br>fund|||||68,761,006|6,141,850|74,902,856|
||TOTAL FUNDS|||||68,761,006|6,141,850|74,902,856|
||Net movement||in funds, included||in the above are as follows:||||
||||||Incoming|Resources|Gains and|Movement|
||||||resources|expended|losses|in funds|
||Unrestricted|funds|||||||
||General<br>fund||||36,0733006|(30,488,311)|557,155|6,141,850|
||TOTAL FUNDS||||36,073,0 6|(303488@1I)|557,155|6,141,850|
||Comparatives||for movement|in|funds||||
|||||||Prior|Net||
|||||||year|movement|At|
||||||At 5.4.21|adjustment|in funds|31.3.22|
||||||||5|6|
||Unrestricted|funds|||||||
||General<br>fund||||56,422,713|17,238,944|(4,900,651)|68,761,006|
||TOTAL FUNDS||||36,422,713|17,238,944|~4Pll0, baal)|68,761,0116|





## 

## 

||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|
||||resources|expended|losses|in funds|
|Unrestricted||funds|||||
|General|fund||329,479|(11,184,101)|5,953,971|(4,900,651)|
|TOTAL|FUNDS||329479|~330841011|5953,971|~4900653|



## 



## 

|||||||Period|
|---|---|---|---|---|---|---|
|||||||5.4,21|
||||||Year Ended|to|
||||||31.3.23|31.3.22|
|INCOME AND|ENDOWMENTS||||||
|Donations<br>and legacies|||||||
|Donations|||||28,600,000||
|Gift aid|||||7,150,000||
||||||35,750,000||
|Investment<br>income|||||||
|Portfolio income|||||276,920|311,638|
|Deposit account|interest||||46,086|17,841|
||||||323 006|329,479|
|Total incoming|resources||||36,073,006|329,479|
|EXPENDITURE|||||||
|Investment<br>management|||costs||||
|Third party investinent||management||charges|20,545|26,865|
|Charitable<br>activities|||||||
|Maggie's<br>events|||||2,800||
|Grants to institutions|||||30,387,550|11,088,733|
|Grants to individuals|||||5,000||
||||||30,395,350|11,088,733|
|Support costs|||||||
|Management|||||||
|Rent|||||25,331|21,870|
|Rates|||||2,483|2,363|
|Office costs|||||8,255|6,096|
|Advertising|||||I&043||
|Office equipment|||||56|74|
||||||37,168|30,403|
|Governance<br>costs|||||||
|Auditors'<br>remuneration|||||7,960|5,100|
|Accountancy|||||2,288|1,740|
|Consultancy|||||25,000|31,260|
||||||35&248|38,100|





## 

## 

|||||Period|
|---|---|---|---|---|
|||||5.4.21|
||||Year Ended|to|
||||31.3.23|31.3.22|
|Total resources|expended||311488311|11,184,131|
|Net income/(expenditure)||before gains and|||
|losses|||5,584,695|(10,854,622)|
|Gains and losses|||||
|Gains/(losses)|on fixed asset investments||557 155|5,953,971|
|Net income/(expenditure)|||6,1417850|(4,900,651)|